Subsequent Events

3 Months Ended

Mar. 28, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 1, 2020, we amended the Australia Senior Secured Credit Facility to relax certain financial covenants and provide for an AUD 30.0 million floating rate revolving loan facility to be used for loans bearing interest at BBSY plus a margin of 1.10%, and a line fee of 0.90%, and matures on June 30, 2021. The facility may be used only when the AUD 35.0 million interchangeable facility is fully utilized. In addition, the AUD 35.0 million interchangeable facility was renewed with relaxed financial maintenance covenants to at least June 30, 2021 and its line fee increased to 0.70%, compared to a line fee of 0.50% under the previous amendment.

On May 4, 2020, we closed on our issuance of $250.0 million of senior secured notes bearing interest at 6.25% and maturing in May 2025 in a private placement exempt from registration under the Securities Act. The proceeds were net of fees and expenses associated with debt issuance and an underwriters’ discount of 1.25%, or approximately $3.1 million. Interest is payable semiannually, in arrears, each May and November through maturity, beginning November 2020.